Over two million traders, farmers and artisans will receive N500 billion micro-credit to be managed by the Bank of Industry (BoI). It is tagged: N500 billion Social Protection Programme for 2016.
Speaking yesterday, Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah said the ministry will be rolling out programmes and initiatives focused on supporting micro, medium and small enterprises (MSMEs) with finance, infrastructure, technical support and training.
He said the manufacturing sector currently contributes only about 10 per cent to the nation’s Gross Domestic Product (GDP), lamenting that it is lower than it is the lowest other emerging markets.
He said the government is set to implement the Nigerian Industrial Revolution Plan (NIRP), launched by the previous government.
“Our industrialisation ambition is hinged on the NIRP launched by the previous government in 2014. It is now time to move that comprehensive document from plan to action. It is now our duty to implement that plan in light of current realities, taking into consideration the lessons learnt in the two years since it was unveiled.
“We are focusing on identifying and supporting a select number of industrial sectors in which Nigeria has comparative advantage. We have seen success in our backward integration policies in the cement industry; and sugar is currently trying to replicate that success. In the Automotive and Cotton, Textile and Garment (CTG) industries, we are continuing discussions with players and stakeholders to see how we can better implement an industrial policy that creates jobs, profits and prosperity,” he said.
Source: The Nation
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